CSSF Circular 15/611

CSSF circular 15/611 relates to the management of risks related to the outsourcing of systems that allow the compilation, distribution and consultation of management board/strategic documents. The CSSF draws the attention of entities outsourcing these services to the fact that the management board/strategic documents may contain sensitive data, which are not and might never be released to the public, and reminds entities of their responsibility not to disclose any information that is considered confidential under Luxembourg Law.

Read CSSF Circular 15/611.

How the CSSF Ensures Efficient Time to Market - Podcast

Jean Guill, Director General of the Commission de Surveillance du Secteur Financier (CSSF), responds to ALFI questions regarding efficient time to market at the ALFI Spring conference 2015. 

Watch the podcast.

CSSF Circular 15/610

CSSF Circular 15/610 relates to ad hoc data collection within the context of Directive 2014/59/EU, the “Banking Recovery and Resolution Directive” (the “Directive”). The collection of information from credit institutions and subsidiaries of Luxembourg credit institutions having their registered office in a third country aims to help prepare the CSSF for its role of resolution authority in the context of the Directive. The collected information will be used (i) for the preparation of resolution plans and (ii) to calculate the minimum requirements for own funds and eligible liabilities under the Directive.

Read CSSF Circular 15/610 (in French).

New Law Aims to Improve Stability in the Luxembourg Financial System

The Law of 1 April 2015 establishes the Systematic Risk Board (Comité du risque systématique) and amends the law of 23 December 1998 concerning the monetary status and the Central Bank of Luxembourg, as amended. The mission of the Systematic Risk Board is to coordinate the implementation of a macro-prudential policy which aims to contribute to keeping the stability of the Luxembourg financial system by reinforcing its resilience and by reducing the accumulation of systematic risk, thereby ensuring lasting economic growth of the financial sector.

Read the full legislation (in French). 

ALFI Responds to ESMA's Discussion Paper on UCITS Share Classes

On 27 March 2015 ALFI submitted its response to the ESMA Discussion Paper on share classes of UCITS. Issues addressed in this paper relate to the definition of a share class, the different types of existing share classes in the various Member States of the EU and the possible approaches to developing a common understanding on the share classes that should be permitted.

Read ALFI's full response.